Member access

4-Traders Homepage  >  Shares  >  London Stock Exchange  >  BP plc    BP.   GB0007980591


Delayed Quote. Delayed London Stock Exchange - 10/30 09:32:40 am
442.6 GBp   -0.61%
9m ago BP says major Azeri oil field set for month of maintenance
40m ago Shell outpaces peers with profit growth, keeps spending
6h ago BP : reports 3Q 2014 results (Press release)
SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll news 

U.S. Asks BP to Respond to Alleged Market Manipulation

08/05/2013 | 12:55pm US/Eastern

WASHINGTON--U.S. regulators ordered BP PLC (BP, BP.LN) on Monday to respond to charges that it allegedly manipulated natural gas markets.

The order, issued by the Federal Energy Regulatory Commission, is the latest development in an inquiry dating back to at least 2011. The order directs BP to show why it should not pay a $28 million civil penalty and give up $800,000 in profits.

The energy commission claims London-based BP violated the Natural Gas Act by manipulating natural gas markets at Houston Ship Channel from September 2008 to November 2008.

BP spokesman Geoff Morrell said in a statement that the allegations "are without merit and we stand by what we previously disclosed...that BP natural gas traders did not engage in any market manipulation in late 2008."

Mr. Morrell said BP would "vigorously defend against these allegations."

If BP contests Monday's order, the energy commission can respond by issuing a civil penalty. The charges can move through a hearing process and could eventually end up in a federal court.

FERC has stepped its enforcement activity in recent years following passage of a new law that bolstered its powers. In July, FERC issued a $435 million civil penalty to Barclays PLC (BARC, BARC.LN) for alleged energy market manipulation--a charge Barclays has vowed to fight. More recently, FERC and JP Morgan Ventures Energy Corp. reached a $410 million settlement following charges of electricity market manipulation in California and the Midwest.

Write to Tennille Tracy at

Latest news on BP PLC
9m ago BP says major Azeri oil field set for month of maintenance
40m ago Shell outpaces peers with profit growth, keeps spending
53m ago BP : Reports Third Quarter 2014 Results
2h ago BP : Man on murder attempt charge
2h ago BP : Writes down $770 mn of kg block value
5h ago BP : To participants of conference "Development of cooperation in the region of ..
6h ago BP : reports 3Q 2014 results (Press release)
1d agoDJADR Shares End Mixed; Sanofi, Banco Bilbao Vizcaya Argentaria Shares Fall
1d ago BP : Over US$8.5bn to be directed to rescue Aral Sea
1d agoDJLONDON MARKETS : Oil Stocks Lift FTSE 100 As Crude Rallies
Duration : Period :
BP plc Technical Analysis Chart | BP. | GB0007980591 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes